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Q. Example of Adjustments for accrued items?
For instance assume Micro Train Company has some money in a savings account. On 2010 December 31 the cash on deposit has earned one month's interest of USD 600 though the company hasn't received the interest. An entry must demonstrate the amount of interest earned by 2010 December 31 and the amount of the asset interest receivable the right to receive this interest the entry to record the accrual of revenue is
Micro Train enters the USD 600 debit balance in Interest Receivable as an asset in the 2010 December 31 balance sheet. This asset accumulates slowly with the passage of time. The USD 600 credit balance in the Interest Revenue is the interest earned during the month. Evoke that in recording revenue under accrual basis accounting it doesn't matter whether the company collects the actual cash during the year or not. It enters the interest revenue earned during the accounting period in the income statement.
Importance of The bank statement Bank sends out bank statements each month. It's significant that this statement and checking account balance balances. There are certain items
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What if the public holiday falls on a rest day? how to pay and which one is?
If the amount in supplies expense is the january 31 adjusting entry and $650 of supplies waw purchased in january what was the balance in supplies on january 1
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Given a net income of $90,000, what is the return on investment for 2000? A. 7.9% B. 22.22% C. 22.78% D. 24.8%
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A $9,000 loan to be repaid in full at the end of five years. Interest on the loan is payable quarterly. The interest rate is 8% compounded quarterly. What is the present value
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